I've gone through comments and I noticed alot of people are saying taking of fuel subsidy from day one was a big mistake but I strongly disagree. As an obidient I believe taking off the subsidy was the right step because the money made from fuel importation was around 600 billion as against 2.7 trillion paid for subsidy. The obvious solution to this is to repair or build a new refinery to cushion the effect of subsidy. If tinubu had put effort to stabilise our economy by investing on security, electricity education and cut the cost of governance it would have gone a long way to attract investors before floating the naira.

The question is where is the subsidy money?

Why is port harcourt refinery not yet ready for production

Why is there increase in pms price did OPEC increase the cost of crude oil per barrel?

Frankly speaking the federal government is not being transparent here. We need to know what is actually going on. The other day akpabio said 30 billion was disbursed to all the governors which was debunked by mankide. Even the 5 billion shared by the federal government only 2 billion was received. The federal government need to be held accountable for there actions I'm not seeing any sincerity here.

Note floating the naira is the actual problem not taking of fuel subsidy

Where is the Form Q and bidding system? Floating the Naira was the master stroke that liquidated Nigeria's economy and if nothing is done, we will abandon the naira for the dollar as a means of transacting business and exchange to recover our monetary policy back to its footing.

LadyExcellency:
Where is the Form Q and bidding system? Floating the Naira was the master stroke that liquidated Nigeria's economy and if nothing is done, we will abandon the naira for the dollar as a means of transacting business and exchange to recover our monetary policy back to its footing.

Can't you see the value of our currency to dollar besides we import more than we export so how is this going to balance out at the long run?

Funkyswagzz:


Can't you see the value of our currency to dollar besides we import more than we export so how is this going to balance out at the long run?

If the naira was fixed, government will be paying subsidy to service the Naira as well. Its like between the devil and the deep blue sea. The earlier we fix power and start serious manufacturing cum production, the better. If not the sapa coming ahead no go be childs play.

If you're really an OBIdient, you'd have remembered PO's explanation on the best way to 'phase out' and not 'remove' subsidy. But because you're an agbadorian, you were too busy chasing after the maddening crowd to listen to sense, because it was coming from an Igbo man. Every single move your choice has made since the inauguration is what has brought the nation to it's knees. No amount of gaslighting or shalaying will ever change that!

HarunaWest:
If the naira was fixed, government will be paying subsidy to service the Naira as well. Its like between the devil and the deep blue sea. The earlier we fix power and start serious manufacturing cum production, the better. If not the sapa coming ahead no go be childs play.

If this is the case how come buhari never took this step earlier on when Nigeria went into recession, obviously nigerians are bearing the brunt now. I see the dollar going up again after a slight drop. We are not producing enough to export as we experience hyper inflation. I read were the lagos state government is requesting to import rice paddy to cushion the effect of food inflation don't you think it will add more stress to our currency?

Funkyswagzz:


Can't you see the value of our currency to the dollar besides we import more than we export so how is this going to balance out in the long run?

Check the economic policies of the new Argentine President. It includes the legalization of the dollar as legal tender. The Zimbabwe government did it to stabilize their economy when the Zimbabwe dollar became worthless. The monetary policy department of CBN got to understudy those countries and see how they made a comeback to regain the free fall of Naira.

LadyExcellency:


Check the economic policies of the new Argentine President. It includes the legalization of the dollar as legal tender. The Zimbabwe government did it to stabilize their economy when the Zimbabwe dollar became worthless. The monetary policy department of CBN got to understudy those countries and see how they made a comeback to regain the free fall of Naira.

We can't legalise the dollar as our currency in Nigeria. Nigeria doesn't have the same clout Argentina has.

LadyExcellency:


Check the economic policies of the new Argentine President. It includes the legalization of the dollar as legal tender. The Zimbabwe government did it to stabilize their economy when the Zimbabwe dollar became worthless. The monetary policy department of CBN got to understudy those countries and see how they made a comeback to regain the free fall of Naira.

If the government is not careful on this path they are taking there will come a time people's savings will be frozen and the dollar saved by individuals will be converted to naira. The federal government need to address the issue of production with immediate effect before it's too late.

This is the reason I asked why is the port harcourt refinery not yet working. Why is the government not addressing the issue of insecurity to boost food production. The student loan they intend to start march should be suspended indefinitely if not they might face another challenge.

LadyExcellency:
Where is the Form Q and bidding system? Floating the Naira was the master stroke that liquidated Nigeria's economy and if nothing is done, we will abandon the naira for the dollar as a means of transacting business and exchange to recover our monetary policy back to its footing.

Form Q and bidding system via SME Wholesale and SME Retail windows are all gone, likewise L/C.

Floating of the naira is the greatest mistake any reasonable leader wouldn't want to make. Did you see any country in africa protesting over hunger as Nigeria is doing right now? It would never happen. Let me shock you. I have a friend and business partner in Niger Republic. He told me one secret nobody has ever told me in recent times, which was one of the reasons there's so much hunger in the land.

Niger Republic are known farmers. A large percentage of the food we eat in Nigeria comes from Niger, including cows, goat and ram. Most of our beans, tomatoes, onions, water melons,.just name it...are being imported into Nigeria via the land borders inside trucks in hundreds weekly from Niger. Recall the ECOWAS placed some sanctions on the 3 countries where the military overthrew government including Niger? That sanction took a heavy toll on Nigeria, who imports agric produce from them daily. Lots of Nigeria-bound food are stuck in Niger.

Recently,the 3 countries wanted to form a Tri-state such that food from Niger can easily be transported through other countries to other African regions, boycotting the ecowas. The purpose was also to promote economic development among the 3 member states. Some people were just clapping for Tinubu for suspending border closure and other sanctions without knowing the major reason. Tinubu caused the current woes, after announcing subsidy removal , floating of the naira and closure of Niger border to other african countries...the most stupid decisions ever.

I hope with the suspension of sanctions, truck load of food items can now enter Nigeria to discharge goods ,hoping the Nigerien military leader too won't retaliate by stopping trucks from entering Nigeria.

Funkyswagzz:


Note floating the naira is the actual problem not taking of fuel subsidy

The problem is APC colluding with INEC. They did abracadabra in 2019 with INEC server saga to return a collosal and monumental failure called Buhari, and prevented us from putting PO there by refusing to fellow their electronic guidelines on transmission of results.

The people that grabbed it, snatched it and ran with it are not serious and don't have any plans. It's all inshallah and vibes till 2031.

If you haven't gotten your Somali visa please do so before it's too late

True.
That has always been my conclusion.

Floating the Naira completely we Ill time.
A gradualist approach would v been better .
Tinubu could v waited for Dangote refinery and Portharcourt refinery to start functioning full

lastkingsman:


The problem is APC colluding with INEC. They did abracadabra in 2019 with INEC server saga to return a collosal and monumental failure called Buhari, and prevented us from putting PO there by refusing to fellow their electronic guidelines on transmission of results.

The people that grabbed it, snatched it and ran with it are not serious and don't have any plans. It's all inshallah and vibes till 2031.

If you haven't gotten your Somali visa please do so before it's too late

Lol Somali is the worst place to ever think of, I would rather go to Seychelles 🏃🏃😂😂😂

Funkyswagzz:


If this is the case how come buhari never took this step earlier on when Nigeria went into recession, obviously nigerians are bearing the brunt now. I see the dollar going up again after a slight drop. We are not producing enough to export as we experience hyper inflation. I read were the lagos state government is requesting to import rice paddy to cushion the effect of food inflation don't you think it will add more stress to our currency?

If the currency swap deal with china was followed up, some of our current quagmire wouldnt occur. Instead Baba Buhari travelled to China for a photo session and returned with empty promises. The same President Buhari visited Russia for the Ajaokuta steel project yet it didnt see the light of day. Nigeria and Nigerians are largely unserious in nature. Na we need help, we have to take concrete steps. Instead we dont do follow ups, we dont pay counterpart fundings, we love taking humungous credits, we are having a population exposion, we are having a large unproductive population, we are the headquarters of executive corruption. President Tinubu just realized that Nigerias problem was bigger than he ever imagined. God epp us.

Eriokanmi:
Form Q and bidding system via SME Wholesale and SME Retail windows are all gone, likewise L/C.

Floating of the naira is the greatest mistake any reasonable leader wouldn't want to make. Did you see any country in africa protesting over hunger as Nigeria is doing right now? It would never happen. Let me shock you. I have a friend and business partner in Niger Republic. He told me one secret nobody has ever told me in recent times, which was one of the reasons there's so much hunger in the land.

Niger Republic are known farmers. A large percentage of the food we eat in Nigeria comes from Niger, including cows, goat and ram. Most of our beans, tomatoes, onions, water melons,.just name it...are being imported into Nigeria via the land borders inside trucks in hundreds weekly from Niger. Recall the ECOWAS placed some sanctions on the 3 countries where the military overthrew government including Niger? That sanction took a heavy toll on Nigeria, who imports agric produce from them daily. Lots of Nigeria-bound food are stuck in Niger.

Recently,the 3 countries wanted to form a Tri-state such that food from Niger can easily be transported through other countries to other African regions, boycotting the ecowas. The purpose was also to promote economic development among the 3 member states. Some people were just clapping for Tinubu for suspending border closure and other sanctions without knowing the major reason. Tinubu caused the current woes, after announcing subsidy removal , floating of the naira and closure of Niger border to other african countries...the most stupid decisions ever.

I hope with the suspension of sanctions, truck load of food items can now enter Nigeria to discharge goods ,hoping the Nigerien military leader too won't retaliate by stopping trucks from entering Nigeria.

Thanks for the inisght. ECOWAS was too hasty in that decision, but neverthless you wouldnt blame them. If these coups werent checked, the other heads of government were fearing for seats ...However they should have thought about the economic impact rather than the politicl impact. Cos this current hunger is worse than a coup de etat.

Eriokanmi:
Form Q and bidding system via SME Wholesale and SME Retail windows are all gone, likewise L/C.

Floating of the naira is the greatest mistake any reasonable leader wouldn't want to make. Did you see any country in africa protesting over hunger as Nigeria is doing right now? It would never happen. Let me shock you. I have a friend and business partner in Niger Republic. He told me one secret nobody has ever told me in recent times, which was one of the reasons there's so much hunger in the land.

Niger Republic are known farmers. A large percentage of the food we eat in Nigeria comes from Niger, including cows, goat and ram. Most of our beans, tomatoes, onions, water melons,.just name it...are being imported into Nigeria via the land borders inside trucks in hundreds weekly from Niger. Recall the ECOWAS placed some sanctions on the 3 countries where the military overthrew government including Niger? That sanction took a heavy toll on Nigeria, who imports agric produce from them daily. Lots of Nigeria-bound food are stuck in Niger.

Recently,the 3 countries wanted to form a Tri-state such that food from Niger can easily be transported through other countries to other African regions, boycotting the ecowas. The purpose was also to promote economic development among the 3 member states. Some people were just clapping for Tinubu for suspending border closure and other sanctions without knowing the major reason. Tinubu caused the current woes, after announcing subsidy removal , floating of the naira and closure of Niger border to other african countries...the most stupid decisions ever.

I hope with the suspension of sanctions, truck load of food items can now enter Nigeria to discharge goods ,hoping the Nigerien military leader too won't retaliate by stopping trucks from entering Nigeria.

When in actual sense food are being intercepted at export points. Your friend lied to you.

Na everybody Dey get idea about how Nigeria can be good in one day from the outside. When they enter, that’s when they will know what’s up.

donbrowser:


When in actual sense food are being intercepted at export points. Your friend lied to you.

Explain pls . If its the arrangee export they intercepted through porous borders as reported is your thinking, you may be one of those being deceived because it's hard to believe. Niger does farming till tomorrow unhindered. Since when Nigeria became exporter of food to Niger?It's laughable.

Nigeria is in this mess cos people always believe their lies. You know the story behind the rice pyramids of the FG and that of Ibikunle Amosun that time. The Niger border food interception was a damage control gone wrong, which only the gullible would believe. Herders have sacked many from farmland so where is food export coming from? Most of the beans and cosw we consume come from them. In fact some cone from as far as Mali. Do your research

Eriokanmi:
Form Q and bidding system via SME Wholesale and SME Retail windows are all gone, likewise L/C.

Floating of the naira is the greatest mistake any reasonable leader wouldn't want to make. Did you see any country in africa protesting over hunger as Nigeria is doing right now? It would never happen. Let me shock you. I have a friend and business partner in Niger Republic. He told me one secret nobody has ever told me in recent times, which was one of the reasons there's so much hunger in the land.

Niger Republic are known farmers. A large percentage of the food we eat in Nigeria comes from Niger, including cows, goat and ram. Most of our beans, tomatoes, onions, water melons,.just name it...are being imported into Nigeria via the land borders inside trucks in hundreds weekly from Niger. Recall the ECOWAS placed some sanctions on the 3 countries where the military overthrew government including Niger? That sanction took a heavy toll on Nigeria, who imports agric produce from them daily. Lots of Nigeria-bound food are stuck in Niger.

Recently,the 3 countries wanted to form a Tri-state such that food from Niger can easily be transported through other countries to other African regions, boycotting the ecowas. The purpose was also to promote economic development among the 3 member states. Some people were just clapping for Tinubu for suspending border closure and other sanctions without knowing the major reason. Tinubu caused the current woes, after announcing subsidy removal , floating of the naira and closure of Niger border to other african countries...the most stupid decisions ever.

I hope with the suspension of sanctions, truck load of food items can now enter Nigeria to discharge goods ,hoping the Nigerien military leader too won't retaliate by stopping trucks from entering Nigeria.

You friend is not telling you the truth. Try and do your own research by yourself instead of relying and believing on what your friend told you.

See, one of the reason for the high cost of foods at the moment is because Nigerians are exporting food to Niger Republic through our porous boarders in the north to make more gains.
Just last week, about 50 trucks of grains bound for Niger Republic were intercepted .

Nigerians used to import foods from Niger before, but now reverse is the case.
Tinubu messed up by floating the naira without putting proper measures in place to avoid the current situation we now find ourselves.

I wonder who is advising that old man sef.
Just like buhari, Tinubu thought everything will just begin to fall in place as soon as he assumes power. These men don't seem to exermine the complexity of our economic and security challenges before contesting.

Maybe it's because there is no room for accountability in Nigeria system.

Buhari would have spent his second term on jailed if Nigeria is a country that enforces accountability. We rather enforce mediocrity in this part of the world.

Godfullsam:


You friend is not telling you the truth. Try and do your own research by yourself instead of relying and believing on what your friend told you.

See, one of the reason for the high cost of foods at the moment is because Nigerians are exporting food to Niger Republic through our porous boarders in the north to make more gains.
Just last week, about 50 trucks of grains bound for Niger Republic were intercepted .

Nigerians used to import foods from Niger before, but now reverse is the case.
Tinubu messed up by floating the naira without putting proper measures in place to avoid the current situation we now find ourselves.

I wonder who is advising that old man sef.
Just like buhari, Tinubu thought everything will just begin to fall in place as soon as he assumes power. These men don't seem to exermine the complexity of our economic and security challenges before contesting.

Maybe it's because there is no room for accountability in Nigeria system.

Buhari would have spent his second term on jailed if Nigeria is a country that enforces accountability. We rather enforce mediocrity in this part of the world.

Don't believe all these politicians. Where's the food to be exported? When Fulani herders have sacked most of the farmers and farmlands have become ghost towns in Benue and other places?. Is it not same FG that went and imported rice and made a pyramid of it and called it Nigeria rice? What of the one done by Ibikunle Amosun? The outermost layer of the pyramid was covered by rice bags while the inner was full of rubbish.

Niger is Nigeria's major feeder till tomorrow. Forget the arrangee export through porous borders as reported. It never existed. They just wanted the gullible minds to see the reason why food was scarce.

Let me ask you this....had Niger stopped farming in their country that would have warranted them to import from Nigeria? Farming is like a carnival in niger. Once its time for farming, those employed gatemen leave Nigeria. Our leaders minds is full of deceit. Floating if the naira and closure of borders against Niger same time caused the food crisis in Nigeria. Its high time we looked into agriculture. Most of the cow we eat come from as far as Mali. They couldn't enter Nigeria for months.

Removing subsidy was bad, floating naira was worse. Both had negative consequences and when combined together, the result was catastrophic.

Funkyswagzz:


If this is the case how come buhari never took this step earlier on when Nigeria went into recession, obviously nigerians are bearing the brunt now. I see the dollar going up again after a slight drop. We are not producing enough to export as we experience hyper inflation. I read were the lagos state government is requesting to import rice paddy to cushion the effect of food inflation don't you think it will add more stress to our currency?

Country was being managed before Tinubu came on board despite the fact that we were having negative trade balance, you can't simply use that to explain the situation on ground. It wasn't so bad until Tinubu removed subsidy and floated naira. Since the announcement of those two policies, it has been a freefall for our economy and standard of living.
At some point, Tinubu will have to fix the exchange rate again. Otherwise, we are looking at 1$ to N5,000 towards the end of the year

Eriokanmi:
Explain pls . If its the arrangee export they intercepted through porous borders as reported is your thinking, you may not be one of those being deceived because it's hard ti believe. Niger does farming till tomorrow unhindered. Since when Nigeria became exporter of food to Niger?It's laughable.

Nigeria is in this mess cos people always believe their lies. You know the story behind the rice pyramids of the FG and that of Ibikunle Amosun that time. The Niger border food interception was a damage control gone wrong, which only the gullible would believe. Herders have sacked many from farmland so where is food export coming from? Most of the beans and cosw we consume come from them. In fact some cone from as far as Mali. Do your research

There you go. It's easier for them to buy from us now because we have lower currency. Same as the reason why people stopped buying rice and cars from Benin Republic

donbrowser:


There you go. It's easier for them to buy from us now because we have lower currency. Same as the reason why people stopped buying rice and cars from Benin Republic

LOL. which currency is of more value here, cfa or naira? I can't believe our naira is this worse. That 1k naira got me 10,000cfa in 2017.

You know, you can't buy what you already have. If you go to Niger, beans have become so useless cos they can't export it so, which part of niger was the intercepted truck full of food items was going as they claimed? They lie a lot..its called damage control. Nigerien have food in sufficiency but can't export due to sanctions.

That's one of the reasons they are forming a Tri-state so they can export to other parts of non-ecowas countries. Ecowas and Nigeria is reaping the consequences of their hasty decisions, food crises in Nigeria will reduce drastically now that border has been reopened. They'd never tell you all these facts

Now I see where the ignorance is coming from.
It is like many Nigerians don't know that fuel subsidy and pegging of the naira are both subsidies.
No wonder everybody just dey cap rubbish.
If we are waiting for the right time we would not remove both of them. Tinubu has done the right thing.

Okoroawusa:
Now I see where the ignorance is coming from.
It is like many Nigerians don't know that fuel subsidy and pegging of the naira are both subsidies.
No wonder everybody just dey cap rubbish.
If we are waiting for the right time we would not remove both of them. Tinubu has done the right thing.

That is why we have currency devaluation. Its the only way we can manage the subsidy paid for dollar to have a stable economy. More of the reason Peter obi said production has to be tackled aggressively to meet up with demand and supply.

Floating brought alot hardship to nigerians cos we are paying higher you don't do both same time. If the government is not careful people will lose confidence in naira, more of the reason investors are shying away from nigeria